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International Research Forum on Monetary Policy:
Third Conference

Venue and date:
European Central Bank,
20 and 21 May 2005

The Forum is sponsored by the European Central Bank, the Board of Governors of the Federal Reserve System, the Center for German and European Studies at Georgetown University and the Center for Financial Studies at Goethe University. Its purpose is to encourage research on monetary policy issues that are relevant from a global perspective. It regularly organises conferences held alternately in the Euro Area and the United States.

Please note that the conference is by invitation only.

Organisers:

Ignazio Angeloni (ignazio.angeloni@ecb.int)
Matt Canzoneri (canzonem@georgetown.edu)
Dale Henderson (hendersd@frb.gov)
Volker Wieland (wieland@wiwi.uni-frankfurt.de)

Participants:  pdf 245 kB, en

Programme:

Friday, 20 May 2005

08:30 Coffee
09:00 Opening address by Jean-Claude Trichet (ECB)  pdf 38 kB, en

Session I: Monetary and fiscal interactions
Chair: Ignazio Angeloni (ECB)
09:30 K. Adam (ECB) and R. Billi (Center for Financial Studies at Goethe University): Monetary and fiscal interactions without commitment: the value of monetary conservatism  pdf 308 kB, en
Discussant: G. Eggertsson (Federal Reserve Bank of New York)  pdf 101 kB, en
Discussant: J. Galí (CREI)  pdf 65 kB, en
10:45 Coffee
11:15 W. Buiter (European Bank for Reconstruction and Development): The elusive welfare economics of price stability as a monetary policy objective: why new Keynesian central bankers should validate core inflation  pdf 379 kB, en
Discussant: B. Diba (Georgetown University)  pdf 86 kB, en
Discussant: T. Laubach (Board of Governors of the Federal Reserve System and OECD)  pdf 125 kB, en

12:30 Lunch - Lunch Speech by D. Kohn (Board of Governors of the Federal Reserve System)  pdf 51 kB, en and Annex:  pdf 51 kB, en

Session II: Model uncertainty and learning
Chair: D. Henderson (Board of Governors of the Federal Reserve System)
14:00 R. Tetlow and B. Ironside (Board of Governors of the Federal Reserve System): Real-time model uncertainty in the United States: the Fed from 1996-2003  pdf 770 kB, en
Discussant: L. Reichlin (ECB)  pdf 208 kB, en
Discussant: D. Terlizzese (Banca d’Italia)  pdf 152 kB, en
15:15 J. Bullard (Federal Reserve Bank of Saint Louis) and E. Schaling (University of Johannesburg): Monetary policy, determinacy, and learnability in the open economy  pdf 420 kB, en
Discussant: M. Ellison (University of Warwick)  pdf 80 kB, en
Discussant: A. Marcet (Institut d'Analisi Economica, CSIC)  pdf 46 kB, en
16:30 Coffee
17:00 R. Edge (Board of Governors of the Federal Reserve System), T. Laubach (Board of Governors of the Federal Reserve System and OECD) and J. Williams (Federal Reserve Bank of San Francisco): Monetary policy and shifts in long-run productivity growth  pdf 369 kB, en
Discussant: M. Binder (Goethe University)  pdf 50 kB, en
Discussant: D. López-Salido (Banco de España)  pdf 183 kB, en
18:15 Conference adjourns

19:30 Dinner - Dinner Speech by O. Issing (ECB), en

Saturday, 21 May 2005

08:00 Coffee

Session III: Central bank communication
Chair: B. Winkler (ECB)
08:30 A. Fatás, I. Mihov (INSEAD) and A. Rose (Haas School of Business, University of California at Berkeley): Quantitative goals for monetary policy  pdf 363 kB, en
Discussant: A. Filardo (Bank for International Settlements)  pdf 290 kB, en
Discussant: P. Minford (Cardiff Business School)  pdf 4680 kB, en
09:45 M. Ehrmann and M. Fratzscher (ECB): Communication and decision-making by central bank committees: different strategies, same effectiveness?  pdf 277 kB, en
Discussant: J. Amato (Bank for International Settlements)  pdf 91 kB, en
Discussant: A. Vredin (Sveriges Riksbank)  pdf 66 kB, en
11:00 Coffee

Session IV: Open economy interactions
Chair: V. Wieland (Goethe University)
11:30 N. Batini, A. Justiniano (International Monetary Fund), P. Levine (Surrey University) and J. Pearlman (London Metropolitan University): Model uncertainty and the welfare gains from coordinating monetary rules  pdf 473 kB, en
Discussant: G. Corsetti (European University Institute)  pdf 66 kB, en
Discussant: J. Williams (Federal Reserve Bank of San Francisco)  pdf 147 kB, en
12:45 Lunch
13:45 M. Devereux (University of British Columbia) and C. Engel (University of Wisconsin): Expenditure switching vs. real exchange rate stabilization: competing objectives for exchange rate policy  pdf 273 kB, en
Discussant: P. Bacchetta (Study Centre Gerzensee)  pdf 30 kB, en
Discussant: L. Dedola (ECB)  pdf 260 kB, en

Session V: Operational monetary policy rules
Chair: M. Canzoneri (Georgetown University)
15:00 S. Schmitt-Grohé, M. Uribe (Duke University): Optimal fiscal and monetary policy in a medium scale macroeconomic model  pdf 696 kB, en
Discussant: M. Giannoni (Columbia University)  pdf 68 kB, en
Discussant: A. Levin (Board of Governors of the Federal Reserve System)  pdf 165 kB, en
16:15 M. Juillard (CEPREMAP), P. Karam, D. Laxton (International Monetary Fund) and P. Pesenti (Federal Reserve Bank of New York): Welfare-based monetary policy rules in an estimated DSGE model of the U.S. economy  pdf 377 kB, en
Discussant: E. Nelson (Federal Reserve Bank of Saint Louis)  pdf 954 kB, en
Discussant: F. Smets (ECB)  pdf 145 kB, en
17:30 Conference ends